LONDON--(BUSINESS WIRE)--The global tower crane market research report by Technavio predicts the market to post a CAGR of more than 6% during the period 2018-2022.
A key driver for the global tower crane market will be the developments in infrastructure. The global construction market witnessed growth in 2017, which contributed to the increase in demand for tower cranes. The governments of many countries have been taking initiatives to build smart cities and are investing in transportation and residential projects. The demand for tower cranes will increase due to infrastructural developments in the Middle East, China, and the UK.
This global tower crane market research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2018-2022. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing demand for high-capacity tower cranes as one of the key trends in the global tower crane market:
Global tower crane market: Increasing demand for high-capacity tower cranes
The preference for prefabricated prefinished volumetric construction (PPVC) increased in 2017. PPVC is a construction method, which uses a free-standing volumetric module to construct, manufacture, and assemble in a fabrication facility according to an accredited fabrication method. The constructed components are then installed in a project.
“The use of PPVC helps in enhancing the construction productivity and changes the design and construction processes. Thus, the increase in the preference for PPVC has led to contractors requiring high-capacity, versatile, and accurate tower cranes to lift and place heavy loads in a short span of time. This has resulted in several vendors offering high-capacity tower cranes,” says a senior research analyst at Technavio.
Global tower crane market: Segmentation analysis
This tower crane market analysis report segments the market by end-user (infrastructure sector, residential sector, and commercial sector) and geography (the Americas, APAC, and EMEA).
The infrastructure sector held the largest tower crane market share in 2017, accounting for more than 42% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2017 with approximately 45% of the market share, followed by EMEA and the Americas respectively. The APAC region is expected to dominate the market throughout the period 2018-2022.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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